House Insurance Chair Gabe Firment discussed the Louisiana House’s insurance reform package, emphasizing its balanced approach. The package includes several bills aimed at legal reform and consumer-friendly initiatives. Firment highlighted five critical bills: HB431 by Rep. Emily Chenevert, HB435 by Rep. Peter Egan, HB434 by Rep. Jason DeWitt, HB450 by Rep. Michael Melerine, and HB34 by Rep. Brian Glorioso. He stressed that while not all are must-pass bills, passing four out of the five would be crucial.
Firment addressed concerns about insurance rates, stating that while he couldn’t guarantee immediate rate reductions, the package would make Louisiana more attractive to insurance companies and potentially reduce costs. He expects improved conditions on the commercial side within a short period, potentially attracting more underwriters to the market.
Regarding property insurance, Firment mentioned HB437, which addresses reforms requested by the reinsurance market, such as allowing insurance companies to require proof of loss payments. The bill also includes provisions to protect homeowners from predatory contractors. Other bills focus on the fortified roof program, aiming to build more resilient structures.
Firment’s comments come as the Legislature faces criticism on social media for allegedly neglecting property insurance issues. However, he emphasized that the House is actively working on several property-oriented bills.
